Pressure BioSciences Announces Core Technology Breakthrough Pivotal PCT Platform Development Will Allow Processing of High Throughput Multiwell Plate Format and Integration with Laboratory Automation; Novel Design Expected to Have Significant Impact on Company's Growth
SOUTH EASTON, Mass., June 4, 2013 /PRNewswire/ -- During their presentation at the Marcum SmallCap Conference on May 30, 2013 (http://wsw.com/webcast/marcum/pbio/), Pressure BioSciences, Inc. (OTCQB: PBIO) ("PBI" or the "Company") announced they have achieved and passed proof-of-principle objectives in their multi-year investment into the development of a high throughput ("HT") system for their patented pressure cycling technology ("PCT") platform. The Company believes the new HT design will allow their PCT platform to integrate with the automated, universally accepted HT sample preparation and analytical system formats installed in tens of thousands of biological research laboratories worldwide. The Company further believes that this breakthrough has the potential to significantly accelerate its growth in existing and new PCT-based applications and products, its ability to attract and form new strategic partnerships, and its overall revenue ramp going forward.
The Company believes there are more than 80,000 research laboratories working with biological samples worldwide and that many of these laboratories use automated, HT sample preparation and analytical systems in their studies. HT systems generally use sample handling robotics and "multiwell" test plates in standardized formats (e.g., 24, 96, or 384 wells per plate) for processing and testing large numbers of samples simultaneously. The multiwell plate is often processed in an automated fashion, allowing scientists to perform other important tasks while samples are being processed unattended.
"Although a number of studies have shown significant advantages of the PCT platform in preparing biomolecules (e.g., DNA, proteins, and lipids) for analysis, the PCT platform continues to be used primarily in small but important research studies," said Dr. Nate Lawrence, VP of Marketing and Sales for PBI. "Unlike today's popular HT multiwell plates that use an automated, unattended approach, the PCT Platform uses individual test tubes that require a lot of manual sample handling. We believe these manual sample handling requirements have prevented the PCT platform from being better accepted by the research community. To that end, we also believe that our new HT multiwell format will substantially enhance and accelerate the acceptance of the PCT platform in the life sciences R&D marketplace."
Mr. Richard T. Schumacher, President and CEO of PBI, commented: "To achieve proof-of-principle for a HT PCT-based multiwell system operating under the extremes of PCT conditions was a daunting engineering task, and now an amazing achievement. Because current multiwell plates cannot withstand the high pressures and temperatures demanded by the PCT process, it was necessary to design and develop multiwell plates that simply do not exist in laboratories today. Adding an additional challenge, the pressure system of the PCT platform had to be redesigned as well. Despite the immense challenges, our development team – led by Dr. Edmund Ting and Dr. Alexander Lazarev – succeeded in accomplishing these formidable tasks. On behalf of all stakeholders in PBI, I applaud the team's ingenuity, perseverance, and achievement."
Mr. Schumacher continued: "First generation HT PCT platform applications are being planned for enhanced enzymatic digestion, deglycosylation, and lipid profiling. We expect beta units to be built and tested by the end of 2013, and market-ready units to be available for sale in the first quarter of 2014. We further believe that the new HT multiwell PCT platform has the potential to significantly accelerate growth in existing and new PCT applications and products, sales reach, installed base, strategic partnerships, and overall revenue stream going forward. We believe this technology breakthrough is a game-changer for PBI."
About Pressure BioSciences, Inc.
Pressure BioSciences, Inc. ("PBI") (OTCQB: PBIO) is focused on the development, marketing, and sale of proprietary laboratory instrumentation and associated consumables based on our proprietary technology – pressure cycling technology. PCT is a patented, enabling technology platform with multiple applications in the estimated $6 billion life sciences sample preparation market. PCT uses cycles of hydrostatic pressure between ambient and ultra-high levels to control bio-molecular interactions. PBI currently focuses its efforts on the development and sale of PCT-enhanced sample preparation systems (instruments and consumables) for mass spectrometry, biomarker discovery, bio-therapeutics characterization, vaccine development, soil and plant biology, forensics, histology, and counter-bioterrorism applications.
Statements contained in this press release regarding PBI's intentions, hopes, beliefs, expectations, or predictions of the future are "forward-looking'' statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, without limitation, statements regarding achieving proof-of-principle for the processing of HT multiwell plate format; that the new HT system will integrate the Company's PCT platform with automated, sample preparation/analytical systems worldwide; that the achievement of proof-of-principle is a PCT breakthrough, with potential to significantly increase PCT applications and products, sales reach, installed base, strategic partnerships, and overall revenue stream going forward; that there are more than 80,000 research labs worldwide, many of which use automated, HT sample preparation/analytical systems in their studies; that the significant advantages of the PCT platform in extracting biomolecules has been repeatedly shown; that PCT is primarily used in small but important research studies; that the manual, time-consuming requirement of the PCT platform has prevented it from being more widely accepted; that achieving proof-of-principle was a daunting task, an amazing achievement, and a game changer for PBI; that beta units will be built and tested before the end of 2013, and market-ready units will be available for sale during 2014's first quarter; and the size of the life sciences sample preparation market. These statements are based upon the Company's current expectations, forecasts, and assumptions that are subject to risks, uncertainties, and other factors that could cause actual outcomes and results to differ materially from those indicated by these forward-looking statements. These risks, uncertainties, and other factors include, but are not limited to: possible difficulties or delays in the implementation of the Company's strategies that may adversely affect the Company's continued commercialization of its PCT-based product line; changes in customer's needs and technological innovations; the Company's and its strategic partners/distributors sales forces may not be successful in selling the Company's PCT product line because scientists may not perceive the advantages of the Company's current PCT platform products or its' new HT, multiwell PCT platform over other sample preparation methods; unforeseen technical difficulties or costs that may delay or prevent the Company from completing beta units and/or market-ready units of the HT, multiwell PCT platform before the end of 2013 and the end of the first quarter of 2014, respectively; and if actual operating costs are higher than anticipated, or revenues from product sales are less than anticipated, the Company may need additional capital beyond June 2013. Further, given the uncertainty in the capital markets and the current status of the Company's product development and commercialization activities, there can be no assurance that the Company will secure the additional capital necessary to fund its operations beyond June 2013 on acceptable terms, if at all. These statements are based upon the Company's current expectations, forecasts, and assumptions that are subject to risks, uncertainties, and other factors that could cause actual outcomes and results to differ materially from those indicated by these forward-looking statements. These risks, uncertainties, and other factors include, but are not limited to, the risks and uncertainties discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2012, and other reports filed by the Company from time to time with the SEC. The Company undertakes no obligation to update any of the information included in this release, except as otherwise required by law.
For more information about PBI and this press release, please click on the following website link:
Richard T. Schumacher, President & CEO, PBI (508) 230-1828 (T)
Timothy J. Connor, Managing Director, Benchmark Advisory (858) 568-7059 (T)
SOURCE Pressure BioSciences, Inc.